Carbon Pulse

The head of one of Australia’s largest carbon project developers remains bullish about soil carbon projects, but has acknowledged the credit issuance from the controversial project type has taken longer than anticipated.

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California Carbon Allowances (CCAs) shrugged off an early-week sell-off after Washington state’s inaugural cap-and-trade sale cleared near $50, which in turn spurred Washington Carbon Allowance (WCA) values to begin trading above the scheme’s lowest allowance reserve price trigger on the secondary market.

Offset registry Climate Action Reserve (CAR) on Wednesday released its methodology to issue credits for future emissions reductions that will occur through activities that prevent wildfires erupting across the American West.

Shell, fresh from last year's bumper fossil fuel profits, on Thursday outlined fears about how increasing scrutiny of its oil and gas operations in regard to climate change could seriously damage its business.

The European Commission on Thursday set out plans to extend the relaxation of state aid rules and simplifying processes for member states to support key green sectors, aiming to rid the bloc of costly red tape in an increasingly heated global clean technology race. 

Germany's economy ministry (BMWK) will consider imposing Contracts for Difference (CfDs) to promote renewable energies, as part of a new industrial plan presented on Thursday.

The EU’s energy commissioner Kadri Simson announced Thursday that member states will be asked to prolong the current 15% voluntary gas demand reduction goal for another year amid ongoing supply concerns. 

The ICE exchange has announced more offset auctions as it attempts to drum up corporate demand to lay the groundwork for standardisation in the voluntary carbon market (VCM).

The UK's independent climate advisors recommended on Thursday that the government phase out controversial subsidies for unabated biomass by 2027, touching on an area that will form a key part of the country's soon-to-be updated net zero strategy.

Singapore has added ACR and ART TREES as its fourth and fifth global carbon offset standards to supply carbon credits that domestic companies can buy to count towards their carbon tax obligations.

European carbon prices reversed direction on Thursday morning after an early tilt at €100 as the daily auction garnered the lowest total demand of the year to date and triggered a sizeable sell-off, while energy prices drifted lower.

The island province of Hainan has become the latest Chinese jurisdiction to release regulations for a so-called “inclusive” small-scale carbon offset scheme, reiterating the regional government's focus on the development of blue carbon and other nature-based projects.

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The Australian government has gained enough parliamentary votes to ensure its A$15 billion ($9.9 billion) National Reconstruction Fund (NRF) is passed thanks to support from the Greens in the Senate, while the issuance of Australian Carbon Credit Units (ACCUs) remains modest.

Japanese shipping company Mitsui OSK Lines (MOL) and steel manufacturer Kobe Steel have offset CO2 emissions from the fuel used in the ocean transport of iron ore from Australia to Japan with the purchase of carbon credits for the Rimba Raya forestry project in Indonesia, the two companies announced on Thursday.

Feedback on the Australian government’s nature repair market draft legislation has highlighted the proposal’s current lack of detail, calling for greater clarity on key areas, while some are concerned about the potential for perverse outcomes, particularly in jurisdictions where conservation laws are lacking.

A daily summary of our news plus bite-sized updates from around the world.

The Rimba Collective is on course to deliver $1 billion for private sector-enabled forest protection and restoration to more than 500,000 hectares in Southeast Asia and is launching an incubation vehicle to kickstart projects to go beyond that, a conference heard this week.

California reduced the number of offsets minted over the past two weeks by over 60% compared to its prior issuance, with the share of credits with direct environmental benefits to the state (DEBs) also trending lower, data from regulator ARB published Wednesday showed.